Investor Presentaiton

Beverages business financial highlights (cont'd) GEORGIA CAPITAL Statement of cash flow (Wine business) Statement of cash flow (Beer business) GEL thousands, unless otherwise noted FY19 FY18 Change GEL thousands, unless otherwise noted FY19 FY18 Change Cash received from customers Cash paid to suppliers 46,073 32,515 41.7% Proceeds from sales 60,003 44,710 34.2% (21,051) (18,161) 15.9% Cash outflows for inventory (29,319) (18,941) 54.8% Cash paid to employees (6,522) (3,769) 73.0% Transportation Cost (3,229) (1,772) 82.2% Cash paid for operating expenses (11,433) (7,495) 52.5% Sales and Marketing Expenses (7,086) (7,371) -3.9% Interest received 127 NMF Operating Expenses (34,358) (30,472) 12.8% Taxes paid (4,312) (3,119) 38.2% Net cash flows from operating activities (13,989) (13,846) 1.0% Net cash flows from operating activities 2,755 98 NMF Cash outflows for purchase of Property, plant and equipment (18,614) (10,043) 85.3% Acquisition of Subsidiaries (32,918) (21,674) 51.9% Net cash flows used in investing activities (18,614) (10,043) 85.3% Purchase of Property, Plant and Equipment (6,278) (641) NMF Proceeds from borrowings 95,019 9,200 NMF Loans Issued (467) NMF Repayment of borrowings (68,658) (1,216) NMF Cash inflow from restricted cash account 4,432 NMF Interest paid (6,733) (2,082) NMF Net cash flows from used in investing activities (39,196) (18,350) NMF Issue of share capital 15,143 6,924 NMF Proceeds from borrowings 52,845 40,089 31.8% Cash paid for lease liabilities (486) NMF Repayments of borrowings (36,320) (15,803) NMF Net cash flows from financing activities 34,285 12,826 NMF Interest paid (2,735) (1,470) 86.1% Capital increase 19,643 432 NMF Effect of exchange rate changes on cash and cash equivalents Total cash inflow/(outflow) (383) (695) -44.9% 1,299 (11,758) NMF Cash paid for lease liabilities (356) NMF Cash and cash equivalents at beginning of period 1,244 13,002 -90.4% Net cash flows from financing activities 33,077 23,248 Effect of exchange rates changes on cash and cash equivalents 214 (101) 42.3% NMF Cash and cash equivalents at end of period 2,543 1,244 NMF Total cash inflow/(outflow) (3,150) 4,895 NMF Cash and cash equivalents, beginning 8,380 3,485 NMF Cash and cash equivalents, ending 5,230 8,380 -37.6% Page 93

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